Management Accounting and Costing Techniques

This document provides an overview of management accounting, its essential requirements, different methods used for management accounting reporting, and calculation of cost using different costing techniques. It also covers the integration of management accounting systems and reports in the organizational process. The subject is Management and the course code is Accounting.

Management
Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Management accounting and essential requirements of its systems.......................................1
P2 Different methods used for management accounting reporting.............................................4
TASK 2............................................................................................................................................5
P3 Calculation of cost using different costing techniques...........................................................5
........................................................................................................................................................10
TASK 3..........................................................................................................................................10
P4 Advantages and disadvantages of different planning tool used for budgetary control........10
TASK 4..........................................................................................................................................13
P5 Comparison of the way in which organisations are adapting management accounting
systems.......................................................................................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Management accounting is can be defined as the process of keeping record of internal
information of the company so that strategic decision for betterment of organisation can be
formulated. With the help of it, internal stakeholders such as managers, employees etc. analyse
that business entity is performing well or not in the market (Chenhall and Moers, 2015). It also
helps external stakeholders to determine actual status of the enterprise. This report is based upon
medium sized financial consultancy firm Equilibrium Asset Management that is having different
clients such as Ryder Architecture which is a construction company established in UK.
This assignment covers various topics such as management accounting, its reporting,
systems, use of different costing methods to calculate costs, advantages and disadvantages of
planning tools used in budgetary control. Along with this, the way in which management
accounting systems are used by companies to respond financial problems is also covered under
this report.
TASK 1
P1 Management accounting and essential requirements of its systems
Management accounting: It is a process of analysing and communicating organisational
data with managers so that they can observe performance of company and form strategies to
enhance it. Equilibrium Asset Management helps Ryder Architecture to conduct it on regular
basis so that actual performance of organisation can be measured.
Origin and evolution of management accounting: Management accounting was firstly
emerged as a significant activity during the earlier industrial revolution. It was originated after
financial accounting which can trace its origin to its stewardship role in different trading
ventures. Two major industries which has played an important role in the evolution of it were
textile and railroad.
Management accounting systems: Management accounting systems are such types of
systems which are used by managers of enterprises for the purpose of keeping track record of
different functional and operational departments of business. There are various types of systems
that are used by Equilibrium Asset Management in order to help stakeholders of Ryder
Architecture to determine actual status of organisation (Fullerton, Kennedy and Widener, 2014).
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Explanation of management accounting: It can be defined as the process of generating
different management reports and accounts in order to analyse actual status of the company.
With the help of it, managers of Ryder Architecture can form strategic decisions for day to day
activities of organisation.
Difference between management and financial accounting:
Management accounting Financial accounting
It provides information of organisation's
performance to the internal stakeholders.
With the help of it, external stakeholders get
information regarding organisation's actual
financial status.
There are no specific standards and principles
to conduct management accounting.
While conducting financial accounting, it is
very important to comply with specific
accounting standards and principles.
Different management accounting systems are as follows:
Cost accounting system: With the help of it managers of companies analyse different
costs that are related to various activities such as manufacturing. It is used by financial advisers
in Equilibrium Asset Management for Ryder Architecture in order to keep detailed information
of all the expenses that are related to building construction and other services. It is required for
the organisation as it helps to keep track record of direct and indirect cost of business. It helps to
add value to the enterprise because with the help of it, information regarding all the expenses can
be gathered (Englund and Gerdin, 2014).
Inventory management system: It is mainly used in manufacturing companies in order
to manage inventory in appropriate manner. This system is used by Equilibrium Asset
Management for its client Ryder Architecture for the purpose of keeping track record of all the
items that are used for the purpose of preparation of goods. There are three different types of
inventory management systems LIFO, FIFO and AVCO.
In LIFO recently received stock is used for production activities first. In FIFO system,
earlier bought items are used for manufacturing activities. In AVCO, goods are used in average
cost basis for production. In Ryder Architecture FIFO is used for the purpose of constructing
buildings. This system is required for all the business entities as it can help to keep detailed
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information of stock which is used for business operations (Honggowati and et.al., 2017). It add
value to the organisation by helping managers to maintaining inventory according to the
requirements.
Price optimisation system: As its name states, it is mainly used to set optimum prices
for all the products that are manufactured by the organisation. It is utilised by Equilibrium Asset
Management which preparing record of Ryder Architecture for the purpose of helping managers
to set appropriate prices for all the buildings sold to customers. It is important and also add value
to the organisation as it helps to analyse that the price which is set by the company for building is
able to meet expectation of customers or not (Smith, 2017).
Job order costing system: It is a system which is used to assign and accumulate cost of
each manufactured unit of organisation. With the help of this system, Equilibrium Asset
Management helps its client Ryder Architecture to assign cost to each and every building
constructed by the enterprise which is going to be sold to customers. It is very important for the
entity as it helps to analyse cost of different items that are manufactured according to
specification of consumers. With the helps of it value can be added to the organisation because it
helps to determine cost of each and every building constructed by the enterprise.
Benefits of management accounting systems
Management accounting system Benefit
Cost accounting system It is used in Ryder Architecture as it helps to keep track
record of different costs involved in the business
operations.
Inventory management system It is applied within Ryder Architecture because with the
helps of it managers analyse requirements of inventory
for business.
Price optimisation system In Ryder Architecture this system is used to set
appropriate price for the buildings as it helps to meet
client's expectations.
Job costing system This system is used in Ryder Architecture for the
purpose of analysing cost of different activities that are
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performed according to specifications of clients.
P2 Different methods used for management accounting reporting
Management accounting reporting: It can be defined as the process of generating
different management accounting reports which covers different information regarding
organisation's performance. There are different methods of generating them that are used by
Equilibrium Asset Management to form various reports for its client Ryder Architecture.
Characteristics of good information systems:
 Reliability: Good information system provide reliable information to the users which
helps them to analyse actual status of the company.
 Accuracy: With the help of good information systems accurate data regarding
performance of the organisation can be gathered which can guide stakeholders to form
strategic decisions (Badolato, Donelson and Ege, 2014).
Reasons behind understanding and overall easy to comprehensive of reports: For
consultants in Equilibrium Asset Management, it is very important to generate understandable
and comprehensive reports for Ryder Architecture so that it can guide top executives of
organisation to form strategic decision. Some of the reasons behind it are as follows:
 It is vital that the reports obtained from management accounting systems must be
understandable and comprehensive because with the help of it managers can assess actual
status of the organisation.
 Management accounting reports guide managers to formulate innovative strategies for
betterment of organisation and if these are not understandable and comprehensive, then it
is not possible for managers to perform this activity.
Different methods of management accounting reporting are described below in detail:
Performance report: This report is mainly generated for the purpose of keeping track
record of performance of all the operations of the company. It is used by Equilibrium Asset
Management for Ryder Architecture so that data regarding employee's and business's
performance can be recorded. It is used within the organisation to provide bonus and incentives
to staff members according to their efforts to accomplish tasks that are allotted to them. This
report is beneficial for the company as it helps to form effective strategies for the company to in
order to enhance its performance (Kaplan and Atkinson, 2015).
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Budget report: It is an internal report used by entities to assign budget to different
functional and operational department of the organisation. It is used by managers in Equilibrium
Asset Management to compare actual and standard spendings of Ryder Architecture in order to
measure its performance. It is beneficial for the enterprise as it helps to execute all the business
activities in allotted budget. With the help of it, companies can determine that they are able to
meet the projections that were made previously.
Account receivable report: This type of report is created to list owed amount of
different clients. It is mainly generated by such companies that are offering products to the
customers on credit. In Equilibrium Asset Management, it is used by employees to keep track
record of all the outstanding amount of clients of Ryder Architecture. It is beneficial for the
organisation as it helps to determine actual unpaid amount by customers. With the help of it,
enterprise can tighten its credit policies so that situation of late payment from clients can be
ignored.
Inventory management report: Main purpose of this report is to keep track record of
inventory which is kept by manufacturing companies. It is created by Equilibrium Asset
Management for Ryder Architecture so that the organisation can keep track record of material
which is used to construct building for customers. It is advantageous for the entity as it helps to
check status of stock whether it is in warehouse, transit or delivered to clients (Lindholm, Laine
and Suomala, 2017).Integration of management accounting systems and report in
organisation process
There are various management accounting systems and reports that are integrated with
organisational process. Price optimisation system is used by Ryder Architecture for the purpose
of setting appropriate prices for the buildings constructed by it. Accounting receivable reports are
used to tighten credit policies by analysing total owed amount of different clients.
TASK 2
P3 Calculation of cost using different costing techniques
Cost: It is the total amount which is required to be paid by a buyer to the seller of the
product. In order to attract large number of customers, Ryder Architecture set appropriate cost
for all the building constructed by it.
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There are various types of costs that are faced by business entities. All of them are as
follows:
 Direct cost: All such type of costs that are directly related to construction of buildings
are known as direct costs. Example of them are depreciation, insurance, salaries to
experts etc.
 Indirect cost: All the expenses that are not directly accountable for the construction
activities of the organisation are considered as the part of indirect costs. It includes rent,
office utilities etc.
Cost analysis: It can be defined as the process which is used to measure the benefits of
different actions that are taken by the organisation for the purpose of generating profits. It is also
used in Ryder Architecture for the purpose of analysing that the decisions that were formulated
by the organisation in order to attain long term business objectives.
Cost volume profit: It is a method of cost accounting which is used by managers of
Ryder Architecture for the purpose of analysing impact of changes in cost and volume on
organisational profit.
Flexible budgeting: It is a type of method of formulating budgets in which modifications
or adjustments could be made according to changes in organisation's activities. It is used in
Ryder Architecture for the purpose of making alteration in budget according to varying volume
or cost (Bryson, Crosby and Bloomberg, 2014).
Cost variance: It can be defined as a tool which is used in Ryder Architecture to analyse
different between actual and budgeted cost of construction. It is mainly used in the organisation
for the purpose of formulating strategic decisions.
Marginal costing: In this costing method, cost per unit will always remain same and it
will be divided into fixed and variable. The problem of over and under absorption can be sorted
out with the help of marginal costing. This method is also used by the management in fixing the
price, profit planning, calculating the BEP and other important decisions.
Absorption costing: This method is used for preparing financial records. By using this
method, company presents a clear view of its gross profit and net profit. It helps the
management to allocate the fixed overheads to particular department.
Fixed cost: All the costs that remains constant with the constructed buildings is known as
fixed cost. For Ryder Architecture such type of costs are taxation, interest, insurance etc.
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Variable cost: The cost which changes with the increment or decrement in the number of
constructed buildings is known as variable cost. Example of such costs for Ryder Architecture
are material, wages for labour etc. (Maas, Schaltegger and Crutzen, 2016).
Cost allocation: It can be defined as the process of identifying, aggregating and
assessing different costs of the company according to different activities. In Ryder Architecture it
is used for the purpose of allocating appropriate costs to all the functional departments.
Standard costing: This costing method is used for recording the variance between actual
costs and standard costs. Within the large organizations, it is difficult to collect the records for all
the activities, so standard costs are used for saving the time.
Normal costing: This method is useful to get the variances between standard and actual
overheads. It is also helpful for the management for an understanding and maintaining the
performance in completing a project (Melnyk and et.al., 2014).
Activity based costing: It can be defined as a costing method which is used in Ryder
Architecture in order to assign cots to different activities performed by the organisation
according to actual expenses which has taken place while performing them.
Role of costing in setting price: Costing helps to set prices for the buildings that are
constructed by Ryder Architecture as with the help of it organisation can determine the actual
costs which has taken place while conducting operations. With the help of it, managers can
analyse costs and then set price for all the buildings.
Inventory cost: All the costs that are related to procurement, management and storage
are known as inventory cost. There are various types of it, which are faced by Ryder Architecture
are as follows:
 Ordering cost: The cost which takes place while creating and processing an order to a
supplier of Ryder Architecture is known as ordering cost.
 Carrying cost: It is also known as holding cost which is faced by Ryder Architecture
while holding the material in stock.
 Shortage cost: When Ryder Architecture do not have any inventory in stock then this
cost takes place.
Benefits of reducing inventory cost:
 Reducing inventory cost results in increased profits because the saved amount could be
reinvested in business operations.
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 When inventory cost is reduced by an organisation then it helps to establish competitive
price in the market which helps to attract large number of customers.
Valuation methods:
 LIFO: In this type of method recently received material is used for the construction
activities.
 FIFO: In this method, earlier received material is used for business operations first.
Ryder Architecture use FIFO method for construction activities (Tucker and Lowe,
2014).
Cost variances: Different types of variances are used for the purpose of determining
difference between actual and budgeted cost of inventory. These are material cost, price, usage
variance etc. With the help of all of them, managers of Ryder Architecture analyse difference
between actual and standard price, cost and usage.
Overhead costs: All the expenses that are faced by Ryder Architecture while
constructing buildings are considered as the part of overhead costs. These are insurance, taxation,
depreciation etc.
Calculation of profit using marginal costing:
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Calculation of profit using absorption costing:
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Interpretation: From the above calculations it has been analysed that while using
marginal costing organisation have attained profit of 5200 for two months. While calculating
profits from absorption costing the profits were 6000 for two months.
LIFO (Last in First Out method):
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AVCO(Average cost Method):
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Interpretation: While using LIFO method the closing units were valued at 3.75 and
while using and while using AVCO method it was valued at 3.45. This information is used by
managers in decision making as it helps to determine the cost. From both the methods AVCO
should be used by company as it shows less cost as compare to LIFO.
TASK 3
P4 Advantages and disadvantages of different planning tool used for budgetary control
Budget: It can be defined as a forecasting tool which used to estimate future incomes and
expenses for a specific time period. Equilibrium Asset Management formulates different budgets
for its client Ryder Architecture according to its requirements. These are also used in budgetary
control procedure in which organisations set long term financial objectives in order to enhance
performance. In also used in the organisation for the purpose of comparing actual figures with
forecasted once (Budget, 2019).
Preparing a budget: While formulating budget different steps are followed by
managers. At first, current status of the organisation is determined and then managers identify
available resources and other that could be required in future. Afterwards, different plans are
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formulated to form budget for the needs of upcoming period (Nitzl, 2016). All of them are
presented in front of managers for their approval. They mark approval on one of them which is
appropriate. At last, the approved one budget is implemented for betterment of organisation. In
order to formulate a monetary plan, this procedure is followed so that Ryder Architecture can
attain success in future.
Different types of budgets:
Capital budget: It is a budget which is used to keep information of different activities in
which large capital investment is involved. It also helps to keep track record of financial
performance. As a financial consultancy, Equilibrium Asset Management also create master
budget for Ryder Architecture in order to formulate financial plan for specific time period of
future. Some of the advantages and disadvantages of this budget are as follows:
Advantages Disadvantages
Capital budget helps to keep record of
all the projects where large number of
monetary resources are invested.
In capital budget there is a lack of
specificity because it consist collective
information of all the departments.
It provides Bird's eye view of the
business to the stakeholders in which
they can determine financial
performance of the organisation.
Capital budget is difficult to observe due
to high level of collective information.
Operating budget: It is a budget which is generated to project all the estimated incomes
and expenses that are based upon forecasted sales and revenues of the organisation. It is
generated by Equilibrium Asset Management for Ryder Architecture in order to help the top
level executives of entity to analyse that monetary resources are appropriately utilised by
enterprise or not (Otley, 2016). Some of its advantages and disadvantages are as follows:
Advantages Disadvantages
It helps business owners to make sure
that financial resources are used
properly or not.
It can overstate revenues and other
figures in statements of organisation.
With the help of it evaluation of past Manipulation of figures could be done
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and current expenses can be conducted. easily in operating budgets.
Alternative method of budgeting: There are various alternative methods of budgeting
some of them are as follows:
Zero based budgeting: This type of budgeting starts from a zero base. In this type of
budgeting all the expenses are justified for each new period. It is generated by Equilibrium Asset
Management for its client Ryder Architecture in order to reduce the cost of of operations by
justifying all the costs rerecorded in the books (Quattrone, 2016).
 Advantage: For each accounting year a new budget is formulated from a zero base
which helps to establish accuracy.
 Disadvantage: This type of budgeting is not appropriate for short term planning as
records can be biased by managers.
Cash only or traditional budgeting: It is a projection of inflows and outflows of cash
receipts and payments over a period of time. It is expected to occur monthly and quarterly. It is
conducted by Equilibrium Asset Management for Ryder Architecture in order to keep track
record of organisation's monetary resources.
 Advantage: It can easily identify the loss in the company's financial statements. Disadvantage: It limits the ability of the organisation to deal in credit transactions.
Behavioural implications of budget:
 Budgets results in efficient allocation of resources as it considers actual data instead of
budgeted figures.
 Budgets helps to improves co-ordination and communication among employees.
 Process of formulating budgets is very complex and it requires high monetary
investment.
 Highly skilled managers are required to form budget and for small companies, it is not
possible to hire such staff members.
Pricing strategies: In order to set prices for products or services, organisations use
different pricing strategies. Some of them are as follows:
 Penetration: In this strategy organisations set low prices at initial level for the units that
are going to be sold to clients.
 Premium: In this strategy of pricing high prices are set by business entities for the units
that are sold to customers. It is set by companies due to high quality of products.
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In Ryder Architecture penetration pricing is used to set prices for the constructed
buildings.
The way in which competitors determine their prices: Competitors such as Asseal
Architecture of Ryder Architecture determine prices by analyse market situations. For this
purpose, market analysis is conducted by it.
Supply and demand consideration: There are various supply and demand consideration
which are required to be focused by Ryder Architecture in order to attain success. These are
market situations, economic conditions, changes in social factors etc.
PEST analysis:
Political Economic
Unstable political situations can affect Ryder
Architecture because it can result in changes in
governmental policies and it is not possible for
organisation alter its strategies according to it.
Fluctuation in inflation and deflation rates can
affect Ryder Architecture because it directly
leaves impact upon purchasing power of
clients.
Social Technological
Customer's preferences, buying behaviour etc.
changes with time. Ignoring such factors can
result in decreased profits of Ryder
Architecture.
Latest techniques such as self healing concrete,
smart bricks, aerogel insulation etc. are taking
place in the market. In order to attain growth it
is vital for Ryder Architecture to focus on all
of them.
SWOT analysis:
Strengths Weaknesses
Market image of Ryder Architecture is very
good which helps to enhance profits.
Organisation spend low amount on research
and development activities which results in
lack of knowledge regarding customer
preferences.
Opportunities Threats
Business expansion is a great opportunity for
the organisation which can help it to attain
There are various competitors in the market
such as Asseal Architecture which are planning
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growth. to capture market share of Ryder.
Balance scorecard: It is a performance management tool which is used in Ryder
Architecture by managers for the purpose of analysing that the activities that are performed by
staff members are under their control or not. It is also used by them to monitor the unfavourable
events which may take place due to such activities (Renz, 2016).
TASK 4
P5 Comparison of the way in which organisations are adapting management accounting systems
Financial problem can be defined as the situation when an organisation faces issues due
to lack of monetary resources. It is very important for all the business entities to identify causes
of all such types of problems and then use effective strategies to overcome them. Ryder
Architecture also faces some financial challenges which are as follows:
Sudden expenses: This financial problem takes place for Ryder Architecture due to lack
of effective planning in which an unplanned expense take place and managers have to use funds
to deal with it. It creates issue of lack of funds for business operations.
Late payments by customers: Ryder Architecture provides credit facility to its
customers. Sometimes it results in late payments by clients which results in problem of lack of
monetary resources for day to day activities of the organisation.
As a financial consultant of Ryder Architecture, Equilibrium Asset management is
responsible to identify causes of all the above described problems and find appropriate solutions
to resolve them. For this purpose, different techniques are used by the consultants in the financial
consultancy. All of them are discussed below in detail:
KPIs (Key Performance Indicators): These are mainly used for the purpose of
measuring performance of the company. There are two main type of KPI, one is financial which
is used to find all the unnecessary expenses that are made by the organisation. Second one is
non-financial which is used to analyse problems in organisation's operation, supply chain etc.
Equilibrium Asset Management uses financial KPI to identify problem of sudden expenses for
Ryder Architecture as it helps to determine unplanned or unnecessary expenditures (Senftlechner
and Hiebl, 2015).
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Benchmarking: It is a measurement tool which is used by business entities to compare
their performance with competitors. This tool is used by Equilibrium Asset Management in order
to identify problem of late payment by clients of Ryder Architecture by comparing its credit
policies with competitors and making changes in them.
Budgetary targets: It can be defined as the estimation of money for a specific financial
year. It is used by Ryder Architecture for the purpose of identifying variances between actual and
standard figures of organisation in order to deal with financial issues.
Financial governance: It can be defined as the set of different financial principles that
are required to be followed by the companies in order to deal with money related problems. With
the help of it, consultants in Equilibrium Asset Management try to resolve issues faced by Ryder
Architecture by finding appropriate solutions for all of them. It is also used for purpose of
monitoring strategy of organisation by analysing that appropriate financial principles are
followed or not.
Characteristics of an effective management accountant and the way in which it can
be used to prevent problems:
 An effective management account should have skills to forecast and make plans so that
critical situations could be determined and plans could be formulated to deal with them.
 Decision making skills are also required by a management accountant as it can help to
form appropriate decisions to prevent problems faced by company.
Comparison:
Ryder Architecture Galway Plc.
Cost accounting system is used by the
organisation in order to analyse cost of
material and form effective plans so that
problem of sudden or unplanned expenses can
be resolved.
Inventory management system is used by the
organisation in order to keep track record of
stock and ignore the issue of low availability of
material for the products.
Price optimisation system is used by the entity
in order to set appropriate prices for the
buildings constructed by it so that clients do
not ask for credits and issue of late payments
Cost accounting system is used to resolve the
problem of inappropriate records of cost by
keeping track record of them in detail.
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from them can be resolved.
Financial governance is used in Ryder
Architecture for the purpose of timely
reporting.
In Galway Plc. financial governance strategy is
used for the purpose of disclosing appropriate
position of the organisation to the stakeholders.
CONCLUSION
From the above project report, it has been concluded that, management accounting is the
process of measuring, monitoring, analysing and controlling organisation's performance in order
to form strategic decisions for future. There are various management accounting systems and
reports that are generated by companies in order to assess actual status of entity. Different
planning tools such as zero based, master and operating budget are used in budgetary control for
the purpose of forecasting and formulating budgets. Various financial problems such as late
payments by customers and sudden expenses are also faced by enterprises and different
techniques such as benchmarking, KPI and financial governance are used to deal with them.
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